FutureFive NZ - Taxing times ahead for Apple's Tim Cook

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Taxing times ahead for Apple's Tim Cook

As Apple face intense investigation from Washington regarding taxes and overseas cash holdings, CEO Tim Cook dismissed the accusations on his way to the capital.

Insisting "we pay every dollar that we owe", Cook is tasked with defending Apple's conduct, conduct which has come under media scrutiny in the past weeks.

Originating from news that the Cupertino giant holds a massive overseas cash hoard, Cook insisted the company was playing ball and was well within the rules regarding taxes.

"I can tell you unequivocally," Cook told Politico.

"Apple does not funnel its domestic profits overseas. We don't do that.

"We pay taxes on all the products we sell in the U.S., and we pay every dollar that we owe.

"And so I'd like to be really clear on that."

Yet despite the strong front, Cook heads to Washington to testify in front of senators about the company hiding US$100 billion overseas.

Cook's presence, rather than that of a lower-level executive, emphasises the serious nature of the visit, where he is expected to offer Apple's ideas for comprehensive tax reform.

"We don't have a large presence in Washington, as you probably know, but we care deeply about public policy and believe creative policy can be a huge catalyst for a better society and a stronger economy," Cook told Politico.

“Apple is contributing in a lot of different ways to the economy, and we're very, very proud of it, particularly in the job-creation area and the work we do to protect our environment."

Cook may be going on the charm offensive as the date nears closer, but whether he can persuade Washington that as one of the country's largest taxpayers they should have nothing to worry about remains a different story.

The world will be watching with interest as the Apple story unfolds in the capital next Tuesday...

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